Simple Safecoin divisibility

Never mind that Safecoin is extremely unlikely to ever appear – it’s undivisible nature is one of things that have been troubling Maidsafe fanboys for years.

But thanks to this vigilance, the great minds from the community forum have been working on a solution. Or rather a proposal by a forum guru polporene which has received awesome welcome. How is it supposed to work? Simple!

We send a split_request to our client_managers > they forward that to the disjoint group responsible for the Safecoin address > if I indeed own that address they “freeze” the Safecoin and allow the client_managers to credit me 1 Safecoin as “credit”. I ask my client_managers to move 0.33 Safecoin (credit) to the client_managers of the destination wallet.

For a while no enthusiast could find any hole in it, but then somebody expressed concern about group security.

Maybe you could overcome this issue by drastically limiting the amount of credits an account may hold (to say 2 or 3 Safecoin). My hunch is that it will be difficult to ensure you have plugged all the holes.

Here’s what a senior forum member and moderator neo said to that:

I would propose it to be 1 SAFEcoin max, and have a procedure to unfreeze a coin if it ever got higher.

Let’s recall that creating an account on the SAFE network  using a powerful system will be trivial, or else it will be a lot of hassle (especially for mobile devices). Of course they’ll make things convenient for ARM devices, which means Intel/AMD systems would be able to create them at will.

But if they make it just right, it would be a total nightmare – imagine having a “divisible coin” economy where prices can be expressed in fractional units, and not being able to have more than 1 Safecoin held in network escrow.

Divisible Madness

Let’s say you buy a pack of chewing gum: 1.25 SAFE. It’s a lame way of doing it, but at least you don’t have to pay 2 SAFE. Right after that you want to pay 0.1 SAFE to download a movie, but you can’t. Sorry, buddy, you’re allowed to park only up to 1 SAFE in our system! Please create another SAFE account. Sorry for the inconvenience!

Either they’d have to have very user-unfriendly controls, or not. If they did, this “great idea” would be totally useless. And if they didn’t, the attackers would be able to create addresses at will and send millions of micro-transactions back and forth.

The MaidSafe fanboys still do not realize that by not having a Proof of Work (and indeed a ledger) scheme in their coin, they are wasting their time and money on this crypto-coin version of Mission Impossible.

In the meantime MaidSafe devs are (still and again) shuffling and rewriting stuff and in the most recent update (Oct 25, 2016) it’s funny to see that some are now busy with “outreach activities” although the software is nowhere close to being finished.

I think it’s now SAFE to say that self-hosted vaults are out of the picture for 2016 and first attempts at Safecoin won’t happen within the next 3-4 months, if ever.

Safecoin divisibility should the least of their worries – I am convinced that if they ever finish it, it will drop at least 90% from the current level vs. BTC.

 

 

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